Tandem rewards savers following Bank of England interest rate hike

Tandem Bank, the UK’s greener digital bank, has increased the interest rate on its instant access savings accounts to 2.85% following the Bank of England interest rate hike announced today.

Combined with Tandem’s new Top Up rate launched last month, customers can now get access to a market leading 3.05%.

The below shows how the new rate and Top Up would apply:

- Underlying rate 2.85% AER (variable)
- Top Up 0.20% AER (variable)
- New total rate including Top Up 3.05% AER (variable)

^{AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded each year. This allows customers to compare easily what return they can expect from their savings over time.}

Tandem has been building its savings product offering over the past year and was named Savings Champion’s Best App-Based Savings Provider in December 2022.

Ben Mitchell, Director of Savings at Tandem Bank, commented:

“I’m delighted we can continue to offer a leading proposition for hard working savers across the UK. With interest rates continuing to rise, it’s right that raised the rates for our customers. And, following the launch of our new Top Up rate, they are further rewarded with a market-leading overall rate of 3.05% on their instant access savings.

“I’m proud we’re continuing to lay such markers as we look to support banking for a greener future with customers’ savings supporting green lending and initiatives.”

Tandem Bank offers a range of savings products, including instant access and 1, 2, 3 and 5 year fixed rate offerings, all of which are competitively priced and regularly feature in the best buy tables.